Oceantic Network Inc

Nonprofit profile at a glance

EIN
463553839
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Baltimore, MD, USA
Phone
4436523242
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Natural Resources Conservation and Protection

Official website

Reported finances

Revenue
$11,861,147
Expenses
$10,075,062
Assets
$11,568,209
Liabilities
$2,789,301

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

26 people listed

Highest reported compensation

  • ELIZABETH BURDOCK (EXECUTIVE DI): $326,503 total reported compensation
  • JEN BROCK (CHIEF DEV. O): $160,921 total reported compensation
  • ELIZABETH TREY (VP OF EVENTS): $153,496 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The purpose of the organization is to expand public and private sector knowledge, expertise and contacts for the offshore wind industry so that they may participate in the global offshore wind supply chain and maximize member participation in the development, construction, maintenance and operation of the offshore wind industry and complimentary based projects.

What it reported doing in 2024

The organization's goal is for the united states to have a strong offshore wind supply chain that has a leading role in the evolving global offshore wind industry. The organization facilitates networking opportunities alongside its educational initiatives and with smaller educational and networking events. The size and complexity of offshore wind projects creates opportunities for many industries. By collaborating across industry sectors, businesses are able to offer a wider range of products and services in one location. Through collaboration, businesses are able to become more competitive in the global offshore wind market. The organization brings together member businesses, developers, policy makers, national and international experts, and economic development agencies for unprecedented knowledge sharing and relationship building and cluster forming opportunities.

Operating model

Revenue model
Earned-program. 88% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 56
  • Transparency & Controls: 70
  • Accountability: 76
  • Sustainability: 56
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 58.8%; rating input score 59
  • Program expense ratio: 70.5%; rating input score 71
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 95.2%; rating input score 95; 29th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 15.1%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 1.15; rating input score 41; 41st percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 53; 53rd percentile among comparable filings
  • Officer compensation ratio: 10.3%; rating input score 19; 19th percentile among comparable filings

Growth

  • Program expense growth: 24.1% per year; rating input score 100; 93rd percentile among comparable filings
  • Revenue growth: 24.8% per year; rating input score 100; 95th percentile among comparable filings
  • Asset growth: 26.5% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 58.8% of revenue deployed · 70.5% of spending went to programs
  • Governance: 20 of 21 board members independent · 4 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $7.1M in reported program spending
  • Leadership: top reported pay $327K · 26 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $376K reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Financial Efficiency: Mission deployment rate scored 59/100.
  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 41/100.
  • High — Sustainability: Officer compensation ratio scored 19/100.
  • Review — Sustainability: Liabilities to assets ratio scored 53/100.